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Seattle & Northwest  + Seattle  + Industrial  | 
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Terreno Realty Pays $365M for Industrial on East and West Coasts

Bellevue, WA-based Terreno Realty Corporation, which acquires, owns and operates industrial real estate in six major coastal U.S. markets, acquired a portfolio of industrial properties located in New York City, Northern New Jersey, San Francisco Bay Area, and Los Angeles from an undisclosed seller. The total purchase price was approximately $364.5 million.

The portfolio of 28 buildings containing approximately 1.2 million square feet is 91.6% leased to 70 tenants. The in-place cap rate is 4.3%, the estimated stabilized cap rate is 5.0% and the estimated stabilized cap rate adjusting to today’s market rents is 5.8%.

Goldman Sachs & Co. LLC acted as financial advisor to Terreno Realty Corporation on the acquisition.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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